A partnership involving the Aliko Dangote Foundation and 15 Nigerian states aims to provide nearly 778,000 women with small stakes in the Dangote Petroleum Refinery and Petrochemicals. Each participating state will finance 10 shares per woman, while the foundation will contribute an additional 10 shares, totaling 20 shares per beneficiary.
This initiative is part of a broader effort to empower two million vulnerable women in Nigeria by facilitating equity ownership for individuals who may find it challenging to invest independently. According to a statement from Zouera Youssofou, managing director and CEO of the Dangote Foundation, this program is designed to boost access to investment for women across these selected states.
The states involved in the partnership include Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe, and Zamfara. Gombe has been noted as the first state to complete its full payment towards the program.
At the current indicative price of ₦525 per share, the total value of the share allocation for each woman would reach ₦10,500, amounting to an overall estimated acquisition cost of approximately ₦8.17 billion for all beneficiaries. This newly unveiled plan follows a broader women’s program announced in September, which outlined intentions to work with state governments to facilitate refinery share ownership.
The announcement coincides with the refinery’s public share offering, projected to raise around $1.6 billion, with a potential increase to $2.1 billion should an over-allotment option be utilized. The immediate benefit of this program will allow state governments and the Dangote Foundation to cover acquisition costs for the women involved.
While the program aims to provide financial returns through potential dividend distributions, ownership does not ensure regular income or an increase in the value of the shares. The effectiveness of this initiative in enhancing women’s economic empowerment will depend on both the program’s implementation and the success of the underlying investment.
